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B-179826 1 (1974-06-10)

handle is hein.gao/gaobaafbz0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES 1',4 WASHINGTON, D.C. 20548 tes7 f The Honorable Jesse Helms United States Senate Dear Senator Helms: As you requested on October 4, 1973, and later arranged with our representatives, we inquired into several aspects of the Corps of Engineers' Falls Lake project near Falls, North Carolina. We briefed your office on the results of our work on January 31, 1974. As you later requested, we are summarizing the information given in that briefing. We made our review at the Corps' district office in Wilmington, North Carolina, which office made the benefit-cost studies for the project. BACKGROUND Public Law 89-298, dated October 27, 1965, authorized the project. According to the authorizing document--House Document 175--the project was for flood control; water quality control; water supply for the city of Raleigh, North Carolina; and water-oriented recreation in the Neuse River basin. The project was the first of 13 reservoir projects in the general plan for developing the Neuse River basin that were presented in the authorizing document. At the time of project authorization, the Corps estimated the project cost at $18.6 million. In July 1973 the Corps estimated the cost at $59.1 million--an increase of 218 percent over the initial estimate. The initially estimated annual project benefits were $2,732,000, or a benefit-cost ratio of 3.3 to I. The 1973 estimated annual benefits were $4,325,000, or a benefit-cost ratio of 1.5 to 1. A comparison of the Corps' initial and current estimated annual benefits and costs for the project follows. -7r c-- / 7-I

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